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2152 Results

Tariffs and the Exchange Rate: Evidence from Twitter

Staff working paper 2021-36 Dmitry Matveev, Francisco Ruge-Murcia
Do tariffs affect exchange rates? We look at President Trump’s tweets during talks on the North American Free Trade Agreement and find that anticipation of higher tariffs on imports from Canada and Mexico led to an appreciation of the US dollar relative to Canadian and Mexican currency.

Trade and Market Power in Product and Labor Markets

Staff working paper 2021-17 Gaelan MacKenzie
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.

Swedish Riksbank Notes and Enskilda Bank Notes: Lessons for Digital Currencies

Staff working paper 2018-27 Ben Fung, Scott Hendry, Warren E. Weber
This paper examines the experience of Sweden with government notes and private bank notes to determine how well the Swedish experience corresponds to that of Canada and the United States. Sweden is important to study because it has had government notes in circulation for more than 350 years, and it had government notes before private bank notes.

Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

Staff working paper 2017-5 Ben Fung, Scott Hendry, Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.

Monetary Policy Under Okun’s Hypothesis

Staff working paper 2026-3 Felipe Alves, Giovanni L. Violante
The current monetary policy framework of the Fed intends to be more ’inclusive’ by running the economy hot for longer during expansions.

A Counterfactual Valuation of the Stock Index as a Predictor of Crashes

Staff working paper 2017-38 Tom Roberts
Stock market fundamentals would not seem to meaningfully predict returns over a shorter-term horizon—instead, I shift focus to severe downside risk (i.e., crashes).
April 8, 2009

Price-Level Targeting and Stabilization Policy: A Review

This article reviews arguments in the literature for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting. Benefits of price-level targeting include the effect on forward-looking inflation expectations; the ability to substitute for commitment by a central bank to its future policies; lessening forecast errors; better economic performance in response to real shocks because of lower wage indexation; and a reduction in the problem of the zero lower bound on nominal interest rates.
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